CapitaLand said its subsidiaries and associates have agreed to sell their respective stakes in six malls in India and in the property manager of these malls for $71.5 million.
The six malls, which are each held under six special purpose vehicles, are being sold to Prestige Retail Ventures. They are located in Bangalore, Mangalore, Hyderabad, Mysore, Cochin and Udaipur, the group said. The 50 per cent equity interest in CapitaLand Retail Prestige Mall Management (CRPMM), which manages the properties, will be sold to Prestige Estates Projects.
Based on CapitaLand's effective equity interest in the special purpose vehicles and CRPMM, the Singapore-listed company's effective share of the sale is 1.57 billion rupees (S$32.9 million).
This transaction is expected to be completed in the first quarter and is not expected to have any material impact on the net tangible assets or earnings per share of the group for the year ended Dec 31 last year.
Upon completion, the special purpose vehicles and CRPMM will cease to be subsidiaries or associates of CapitaLand.
Separately, the management of two CapitaLand-sponsored Reits announced changes to their boards of directors last Friday.
The newly appointed non-executive directors at CapitaLand Retail China Trust Management are former country head and chief operating officer of Barclays Bank Kuan Li Li; CapitaLand group chief financial officer Andrew Lim and Ascott CEO Lee Chee Koon. They replace outgoing directors Ng Kok Siong and Jason Leow. Mr Lee was appointed group chief investment officer of CapitaLand with effect from yesterday, relinquishing his current role at Ascott.
CapitaLand Retail China Trust Management also appointed Ms Chuo Cher Shing as its new company secretary to replace outgoing secretary Audrey Lee Ju Lin.
Over at CapitaLand Commercial Trust Management, Mrs Quek Bin Hwee, Mr Ng Wai King and Mr Lee Chee Koon have been appointed new non-executive directors to replace Mr Mohammed Hussein, Mr Goh Kian Hwee and Mr Tay Boon Hwee. It has also appointed Ms Audrey Lee as the company secretary.
Mrs Quek was most recently vice-chairman of PricewaterhouseCoopers Singapore and an audit partner for over 25 years. Mr Ng Wai King is currently managing partner of WongPartnership.